Maverick Oil and Gas restructures $26.8 million convertible debentures

By Sheri Kasprzak

New York, June 22 - Maverick Oil and Gas Corp. restructured $26.8 million in outstanding convertible debentures.

The company will exchange all of the outstanding debentures for $26.8 million in debentures with a two-year term. The new debentures are convertible at $0.25 each.

The coupon on the debentures could not be determined by press time Friday.

The company will also exchange 77 million in warrants for an equal number of new warrants. The new warrants are exercisable at $0.01 after a planned reverse stock split.

Based in Addison, Texas, Maverick is an oil and natural gas exploration company.

On Friday, the company's stock gained eight-tenths of a cent, or 16%, to close at $0.058 (OTCBB: MVOG).

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